Here is a harsh reality: many financial advisors are not growing their business. They do their normal day-to-day operations (opening the office, responding to emails, buying and selling, etc.) and they are completely comfortable in their routine. They are not doing events, not generating brand awareness, not creating client experiences, and not staying top of mind with proactive communications.
So why is business not booming?
Simply put, they are not marketing.
The Catch-22 is that they still want their businesses to thrive, but they are not putting in the time, energy, or resources into broadcasting their stories and creating a presence in their communities.
And if you think about it, how is this different from not being in business at all? It is almost like a faucet that drips water into a glass. Sure, it might fill the glass eventually – if the water does not leak out or evaporate first – but the glass will not fill nearly as fast as it could if those advisors took the time to simply turn the faucet on.
That is the cost of not marketing – the business may not grow as fast as it is capable of; and in some cases, it may not even grow at all.
The most successful advisors understand this and they give their clients and prospects a reason to care about them. They go out of their way to create a story that resonates and they create a presence that gets noticed. These advisors host memorable events, they provide superior service consistently, and they always stay top of mind. They turn marketing into storytelling and they look for every opportunity to create the best experiences.
The most interesting factor here is that countless studies have shown people are willing to pay more for a great experience. In fact, successful advisors typically charge more for their services because they are able to back them up.
Creating a great client experience fulfills three key factors all financial advisors need to focus on:
- Reduced attrition
Advisors that consistently create a great experience for their clients are less likely to have their clients leave for another advisor.
- Increased client satisfaction
Advisors that focus their marketing efforts on building stronger client relationships are more likely to have “forever clients.”
- Increased referrals
Happy clients are more likely to share their positive experiences with their friends and family, and word-of-mouth advertising will always be the most powerful type of marketing.
Here at Platinum, we help you get past the Catch-22. We can show you the strategies that the most successful advisors are using to get out of their comfort zones and experience positive change for their businesses. Marketing is not a one-size-fits-all approach, and we have the resources and tools to help build a strategy that is right for your business. Your story is more than just a few words. Give us a call and we can help you tell that story.